Authorised payment institution in the United Kingdom

About This Company

The Payment Services Regulations 2017 (SI 2017/752) define the operational scope of an authorised payment institution in the United Kingdom. Regulatory oversight falls to the Financial Conduct Authority, which was established in 2013 and operates from London. The authority supervises market conduct for around 35,500 financial services businesses and provides prudential supervision for roughly 34,000 solo-regulated firms. Under the Financial Services and Markets Act 2000, its statutory mandate focuses on consumer protection, market integrity, competitive markets and medium to long-term UK economic growth. A buyer can verify the entity on the Financial Services Register by searching its 6-digit reference number, corporate name, individual reference number or postcode. The register publishes the firm's reference number, trading names, registered address, appointed representatives and whether its formal standing is Authorised, Registered or MLRs Registered. Permitted activities under this regime may include execution of payment transactions, money remittance, issuing payment instruments, acquiring payment transactions, payment initiation services and account information services. Reviewing the register reveals any supervisory restrictions imposed by the regulator. This scrutiny verifies regulatory standing before an investor acquires an authorisation that does not passport.